He has put down a deposit/offer on a parcel of land and now excepted the counter offer.

It was built as a 4-plex, it is not a converted house.All units are separately metered for all utilities except trash (owner pays).

They were exceptionally picky to the point of being ridiculous.

There used to be 100% loans on value add deals on the purchase price but that was years and years ago.I understand you are trying to pull out 100% but banks and the committees aren't going to make an exception for you and put their jobs on the line so you can get more money in your pocket.Sounds like if you did a 1031 exchange you would get max value minus the resale and purchase cost and put the money into another value add deal or deals to grow the equity again.No legal advice.

Don't get me wrong - the job we were doing there at the time was absolutely vital, but the accomodations were nice.Long story short (too late, right?)

@Chris Zink   I liked everything except that it is all studios. 

The general intrigue right now is exceptions when it comes to investing.  

I don't rent in MA but I live here and I am not surprised on the rulling except  that it allows pet rent.

Except as otherwise provided in subsection (1) and as set forth below, the lien is effective from and shall relate back to the recording of the original declaration of condominium, or, in the case of lien on a parcel located in a phase condominium, the last to occur of the recording of the original declaration or amendment thereto creating the parcel.

In most cases they are very similar to SFH in terms of investment; Except HOA fees.